Iveco shares sank on its market debut on Monday as CEO Gerrit Marx said the standalone Italian truckmaker would offer a bet on a small but dynamic company with proven turnaround skills.
Asked about Iveco's partnership strategy at a ceremony for its market debut, Marx said that discussions would now resume after a quiet period before the listing, but there was "nothing immediate" on the horizon.to produce battery electric and hydrogen heavy trucks, is looking for partnerships in technology, including fintech, components supply and development projects.
"On heavy duty trucks a partner can help too, not necessarily in Europe," the German executive added. The smallest among major European truckmakers, Iveco has often been seen as a potential M&A target. Marx said he saw Iveco neither as a target nor an aggressive dealmaker.Intesa Sanpaolo's Bosio said that Iveco was well set to operate independently but "in the medium-long term its commitment in partnering with other players may lead to the finalisation of M&A deals".
Exor, which now holds 27% of Iveco common shares and 42.5% of voting rights, has reaffirmed its commitment "to the long-term development" of both Iveco and CNH.Additional reporting by Valentina Za; Editing by Alexander SmithSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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